Question: Prepare the March 1 , 2 0 2 5 , entry to record the receipt of cash at maturity for the note. ( Credit account

Prepare the March 1,2025, entry to record the receipt of cash at maturity for the note. (Credit account titles are automatically
indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the
amounts. List all debit entries before credit entries.)
Date
Account Titles
Debit
Credit
Mar. 1
(To record collection of note and interest)
List of Accounts
Current Attempt in Progress
At December 31,2024, Wildhorse Company had a five-month, 6%, $101,000 note receivable that was issued on October 1,2024.
Interest and principal are payable at maturity on March 1,2025.
 Prepare the March 1,2025, entry to record the receipt of cash

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!